The Digital Operational Resilience Act, more commonly known as DORA is an EU regulatory framework set to come into application on 17 January 2025. The key objective of DORA is to secure and support the digital transformation of financial services. Understanding the intricacies of DORA is essential for organizations aiming to thrive in this rapidly evolving digital era amidst ever-growing cyber-threats.
Understanding DORA
DORA represents a paradigm shift in the way financial entities approach digital resilience. It necessitates the active participation from C-suite executives in defining interventions and investments needed to build resilience in the face of digital risks.
Many organizations face challenges in aligning with DORA’s requirements, particularly in the transition from manual processes to digital operations. However, embracing automation and robust risk management practices can streamline compliance efforts.
Scope and Impact
DORA’s scope extends beyond traditional banking entities to encompass a diverse range of organizations operating with the financial ecosystem. From credit institutions to service providers, compliance with DORA is imperative for fostering resilience across the industry.
Achieving compliance with DORA necessitates robust risk management practices and adherence to resilience testing standards.
Regulatory Oversight
The enforcement of DORA is overseen by the European Supervisory Authorities (ESAs) which is made up of: the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA). They play a crucial role in enforcing regulatory standards and fostering a resilient financial environment.
Next Steps
As organizations navigate the complexities of regulatory compliance, understanding DORA is paramount. Whether you’re a financial institution or a service provider within the industry compliance with DORA is needed to foster digital resilience and ensure continued success.
Empower your organization and unlock the keys to DORA compliance with our comprehensive guide. Explore the provisions of DORA in further detail and discover how technology can simplify operations, enhance security and derive digital evolution.
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